BP abandons plan to drill expensive Alaska oil field.

July 11, 2012 Oil 
FT: “BP has as decided not to proceed with a groundbreaking $1.5bn offshore (100 mb) oil project in Alaska after concluding it would be too expensive. A review carried out in the wake of BP’s 2010 Gulf of Mexico oil spill found that the plan for the Liberty field did not meet BP’s new, higher safety standards.”

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